France vows deficit reduction track

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France vows to stay on its deficit-reduction track despite promising billions of euros in financial guarantees to state agencies and struggling companies. The government says it will cut its deficit by almost 5 percent largely thanks to borrowing at lower costs. France's slowing growth means the government has repeatedly cut spending and raised taxes. The government also promises to save a billion euro by going after tax fraud. President Francois Hollande's administration stakes its credibility on meeting a series of deficit reduction targets.